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BUSINESS THEME 1 KEY TERMS
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Created by
Mirian Fialho
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Cards (203)
What is a brand?
A
symbol
, logo, or design that distinguishes a product
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How does a brand distinguish a product?
By using a unique design,
logo
, or symbol
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What is competition in business?
The
rivalry
among sellers to achieve
goals
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What is a competitive market?
A market with many
rivals
selling similar products
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What defines a competitor?
A
rival
business
in the same
market
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What is direct competition?
Businesses producing similar
products
for the same customers
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What characterizes a dynamic market?
A market subject to
rapid
and continuous change
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What is indirect competition?
Different businesses competing for the same
customer experience
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What is innovation in business?
The creation and implementation of new
products
or
services
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What is a market?
A place where
buyers
and
sellers
interact
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What does market growth refer to?
An
increase
in demand or sales for a
product
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How is market share defined?
The
percentage
of the total market a business holds
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What is market size?
The total amount of
sales
or customers in a market
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What is a mass market?
A large
unsegmented
market with mass appeal products
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What is a niche market?
A specialized area of the market for
specific
needs
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What is online retailing?
Selling goods and services on the
internet
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What is product innovation?
The development of products not
previously
available
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How is sales volume calculated?
Sales revenue
divided by
selling price
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What does uncertainty refer to in business?
The inability to
predict
future events and outcomes
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What are biased questions?
Questions that do not reflect
true audience views
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What is consumer behaviour?
How consumers make decisions about
products
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What are databases?
An organized collection of data stored
electronically
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What is a face-to-face survey?
A research method with direct communication with
respondents
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What is a focus group?
A group discussing feedback for
market research
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What is government data?
Publications
that businesses can use for research
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What is interview bias?
When the interviewer's
opinion
affects responses
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What is market orientation?
Products based on
customer needs
and wants
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What are market reports?
Documents
containing
information
and
statistics
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What is market research?
Gathering and analyzing information about
products
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What is market segmentation?
Dividing a market into
customer groups
with similarities
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What are market segments?
Identifiable groups sharing
characteristics
or needs
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What are observations in market research?
Watching
customer behavior
to gather data
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What is primary market research?
Data obtained
firsthand
to meet business needs
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What is product orientation?
Prioritizing product design over
customer preferences
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What is qualitative research?
Market research on
opinions
and beliefs of consumers
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What is quantitative research data?
Numerical
information that can be analyzed graphically
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What is respondent bias?
When respondents answer
inaccurately
for any reason
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What is a sample in market research?
A small group representing a
total market
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What is secondary market research?
Data collected by another
organization
for use
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What is segmentation?
Dividing the
market
into groups with common characteristics
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See all 203 cards
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